Suggested Answers of BT2 Revision Package - ASKnLearn

More documents

Recommendations

Info

• If EU is using Chinese raw materials then retaliation can increase their cost ofproduction inviting inflationary situation & also harm growth of the country.• Trade restrictions also have high opportunity costs; -it gives rise toinefficiency in resource allocation and hence increases welfare loss for thesociety.• Poorer innovation and quality can result in exports itself losingcompetitiveness not from price alone and worsen trade deficit. [2m]Do not agree: arguments in favour of protectionism:• to protect EU’s goods against dumping,• protecting domestic consumers from counterfeit, low quality goods,• increasing domestic employment to aid certain industries in times of economicslowdown,• actions taken as a retaliatory measure against China’s policy of followingprotectionist measures like obstacles faced when doing business in China.• for improving the balance of payments deficit. [2m]EvaluationAcceptable economic justifications for applying trade restrictions as a temporarymeasure but not a long term measure because cost of restrictive trade practicesmay be too high. [1m](e)Discuss the view that Spain should follow the measures taken by Germany toaddress its macroeconomic problems.[10]Problems faced by Spain• Increasing UN as seen from Table 3 (18% in 2009 & 19.5 % in Feb 2010)• Reduced training incentives by employers because of temporary workcontracts holding back productivity (Extract 6)• Rigid & complex system for setting wages• Wage growth not keeping up with productivity growth• Losing competitiveness• Consumers being weighed down by huge mortgage debtsAGREE: Follow Germany’s Policy• Germany’s UN rate is falling over the years (7.4% in 2009)-policy followed wasshort time working scheme & flexible hours which helped the workers whosehours were cut to quickly get back into full time work,--however may work inthe SR but may not work in the LR.
• Germany’s revival has been built largely on exports & also maintaining goodquality products. (Extract 7) & also diversification of export markets to newerregions like Asia & Latin America however stiff competition from other EUcountries may make it difficult .• Germany’s CA in engineering goods helped to cater to the changingrequirement’s of the world market –however such reforms only take effect inthe LR & depend on the other countries’ willingness.DISAGREE: Besides following Germany to solve some of their problems,Spain must• Use expansionary FP (for more job creation) and & LR SS side policy (toundertake economic restructuring to keep up with international market trends,move into areas with potential CA, engage in retraining & upgrading of labourskills to increase productivity etc). ---however undertaking FP will cause morestrain to Spain’s Govt budget & SS side policy changes takes a long time tobecome successful.• Spain must also focus on consolidating the domestic market by increasingGovt exp for e.g. by direct financial assistance to help the people deal withmortgage debts —added strain on the Govt budget, may prove to be a highburden to the society in the LR.Evaluation: Spain can follow the measures taken by Germany to overcome some ofits macroeconomic problems, but which policies should be followed and the extent ofthe success of the policies depend on the problems faced by the countries and on thenature of the economy (value of the multiplier, mindset of the people, tradingcountries co-operation etc)So, Spain should cater to its most significant problems by simultaneously usingdifferent policies.LevelMark DescriptorE 1-2 Students have to come to a reasoned conclusion/judgment.L3 7-8 Discusses the advantages and disadvantages to Spain whenit follows Germany’s measure with alternative solutions.L2 4-6 Discusses the advantages and disadvantages to Spain whenit follows measures taken by Germany with reference to theproblems faced by Spain.L1 1-3 Sketchy answer that just lists or briefly explains themeasures without evaluation or without linking to theproblems faced by Spain.
Page 1 and 2: ST ANDREW’S JUNIOR COLLEGEH1 ECON
Page 3 and 4: demand for hotel accommodation. The
Page 5 and 6: Cost/Benefits/$ Welfare loss MSC =
Page 7 and 8: more than proportionate fall in qua
Page 9 and 10: Price S P 1 P 2 D 1 D 2 Market for
Page 11 and 12: ERP• Works by charging drivers an
Page 13 and 14: 2010 YJC Prelims H1 Paper CSQ1: Hou
Page 15 and 16: quantity transacted increases and h
Page 17 and 18: with the large amount of subsidies
Page 19 and 20: (b) With the help of a diagram, ana
Page 21 and 22: Hence as long as the West is willin
Page 23 and 24: Marks Scheme:L3( 7 - 8m)L2(4 - 6m)L
Page 25: conclusion about absolute value of
Page 29 and 30: ising making labour relatively more
Page 31 and 32: (ii)With reference to the data, ass
Page 33 and 34: L3L2L1EA balanced discussion of the
Page 35 and 36: (b)Explain how a rise in interest r
Page 37 and 38: (d)Consider whether the evidence in
Page 39 and 40: The higher spending, translating in
Page 41 and 42: 2010 RI (JC) Prelims H1 Paper CSQ2:
Page 43 and 44: This will increase SOL of Chinese a
Page 45 and 46: 2. Appreciation is also needed to d
Page 47 and 48: Increase Real output for Asiaproduc
Page 49 and 50: Section B: EssaysMicroeconomics:1.
Page 51 and 52: Roads for Cars A X B Other infra
Page 53 and 54: With reference to Figure 2 above, (
Page 55 and 56: Conclusion:The future impact in the
Page 57 and 58: ConclusionSummarise and link to par
Page 59 and 60: Explain causes ofan increase in pri
Page 61: (b) Discuss the view that price con
Page 64 and 65: Take astandConclusionPrice ceiling
Page 66 and 67: Possible non-price determinants of
Page 68 and 69: Suggested answer (b)Price elasticit
Page 70 and 71: Limitations of non-pricing strategi
Page 72 and 73: Internet broadband connectionFoodEf
Page 74 and 75: 3. Antithesis: success of policy do
Page 76 and 77:
EvaluationE2For a reasoned judgemen
Page 78 and 79:
LevelsL3(7m - 10m)L2(5m - 6m)L1(1m
Page 80 and 81:
Subsidies to ConsumersWith governme
Page 82 and 83:
ooEspecially when demand is price i
Page 84 and 85:
Therefore the market is said to be
Page 86 and 87:
(b) INTRODUCTIONTo address the prob
Page 88 and 89:
However, a total ban does not makes
Page 90:
(7) 2011 IJC Prelim H2 Paper Q3
Page 94 and 95:
Besides the above, an increase in t
Page 96 and 97:
lower standard of living. This is e
Page 98 and 99:
(9) 2011 VJC Prelim H2 Paper Q4Sing
Page 100 and 101:
Explain how policies bring about ac
Page 102 and 103:
ConclusionTo have sustained actual
Page 104 and 105:
full employment, a country also
Page 106 and 107:
è The boost to exports & FDI impro
Page 108 and 109:
(11) 2011 HCI Prelim H1 Paper Q4Inf
Page 110 and 111:
Thesis (3) -Threat to improvement i
Page 112 and 113:
2 different approach to conduct mon
Page 114 and 115:
Trade PoliciesIn the light of an im
Page 116 and 117:
• Real-‐wage unemployment o
Page 118 and 119:
Knowledge, Application, Understandi
Page 120 and 121:
aggregate demand in U.S. and decrea
Page 122 and 123:
Marking SchemeL3Well developed expl
Page 124 and 125:
Conclusion on demand management pol
Page 126 and 127:
E2 For an evaluative assessment bas
Page 128 and 129:
Long run• Provided higher course
Page 130 and 131:
• Exchange rate policy may not be
Page 132 and 133:
economic growth, a fall in demand-d
Page 134 and 135:
Illustration:Assumptions:• Only t
Page 136 and 137:
(18) 2011 DHS Prelim H2 Paper Q1Sin
Page 138 and 139:
Singapore does not specialise c
Page 140 and 141:
As output increases, real national
Page 142 and 143:
oooHigh level of integration in
Page 144 and 145:
2010 IJC Prelim 2010 H2 Paper Q6(a)
Page 146:
à growing affluence àrise in dema
show all

Suggested Answers of BT2 Revision Package - ASKnLearn

Create successful ePaper yourself

Delete template?

Save as template?